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Magma HDI Comprehensive Car Insurance
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Getting compensation for just third-party liabilities may not be enough for you. Because accidents can injure you and your vehicle too. That’s why having comprehensive car insurance covering an insured person against both own damages and third-party liabilities is important. Magma HDI comprehensive car Insurance policy is one such plan that you can buy to feel assured against all such situations. Let’s discuss this policy in more detail.
How does Magma HDI Comprehensive Car Insurance Work?
The comprehensive policy of Magma HDI car insurance covers third-party liabilities along with the loss or damage to the vehicle from accidents, vandalism, fire, explosion, falling objects, floods, etc. It also covers accidental third-party property damages or physical injuries. The owner of the vehicle also gets covered against injury, disability or death. In addition, if you or your vehicle face injury or damage owing to natural calamities such as earthquakes, floods, cyclones, etc, Magma HDI comprehensive Car Insurance will come into play. Please note that your injuries or death from these incidents would be covered only if you are driving in the insured four-wheeler.
Magma HDI Comprehensive Car Insurance vs. Third Party Car Insurance
A table below comparing third-party and comprehensive car insurance tells you how efficient the latter is.
|Comprehensive Car Insurance||Third-party Car Insurance|
|Definition||It provides complete insurance coverage for cars and policyholders. This plan also takes care of the liability of the third party.||Third-party insurance is the most basic type of car insurance, and it covers losses and damages that a car may cause to the third party, the property and the vehicle of the concerned person.|
|Benefits||This insurance plan protects both damages to the third parties and the policyholder's car. In addition, policyholders can get a no-claim bonus (NCB) every year on renewal if they don’t claim in a policy year.||This insurance cover protects policyholders if they mistakenly hurt the third party, the concerned individual’s vehicle or property on the road. This will help you save you from third-party legal hassles, which can be overbearing both mentally and financially.|
|Limitations||A base comprehensive car insurance plan does not cover electrical or mechanical faults, engine damage due to water ingress, etc.||It doesn't cover the losses or damage caused to policyholders and their cars involved in an accident, or face natural or man-made disasters.|
|Premium||The premium is higher than the third-party insurance plan. Factors such as the car's model, engine number, chassis number, registration number, the location of registration, etc.||It is less expensive than a full-coverage automobile insurance policy. This is because the IRDAI sets the premium rates as the car’s cubic capacity.|
|Customization||A comprehensive plan allows adding different riders as per your requirements.||There is no scope for customization.|
|Which is Better?||Although expensive, It offers extensive coverage and is more beneficial. Moreover, policyholders can get a no-claim bonus benefit on not claiming in a policy year.||It’s a mandatory cover to have as per the Motor Vehicles Act, 1988. But since the same is available under a comprehensive plan, which offers additional benefits, this plan is not that appealing.|
How to Buy Magma HDI Comprehensive Car Insurance?
Applicants wanting to buy Magma HDI comprehensive car insurance should follow the steps shown below.
- Visit an insurance company's official website.
- Navigate to ‘products’' and then go to ‘motor insurance’.
- Click on ‘buy online' placed under ‘private car insurance’
- Fill in personal details such as your name, email ID, etc.
- Mention your car’s registration number and several other details of the vehicle.
- Choose suitable Magma HDI comprehensive car insurance
- Select add-on covers, if necessary, along with a comprehensive car insurance policy
- Make premium payments online via debit card/credit card,/UPI/net banking.
- A Magma HDI comprehensive car insurance policy will be issued, and you will get the details of it on your email ID.
What All is Covered Under Magma HDI Comprehensive Car Insurance Plan?
Under Magma HDI comprehensive four-wheeler insurance policy, the insured can get covered against the following -.
- The policy covers third-party liabilities arising due to the use of an insured vehicle. It covers physical injuries, death and property damage of the third party.
- Loss or damage to the car against natural calamities, such as earthquakes, hurricanes, tempests, floods, thunderstorms, cyclones, frost, landslides, rockslides, hailstorms, etc, is covered.
- The policy covers loss or damage caused to you or your vehicle due to man-made calamities such as theft, terrorist activity, burglary, strike, riots, etc.
What All is not Included Under Magma HDI Comprehensive Car Insurance Plan?
The Magma HDI comprehensive car insurance plan doesn’t cover the following-
- Depreciation of the car.
- Mechanical & electrical breakdown of the car.
- If the car is used for commercial purposes.
- If the insured is found to be driving without a valid driver's licence.
- Damage caused to a person while driving under the influence of liquor or drugs.
- War, nuclear peril, or mutiny-related losses or damage.
Magma HDI Comprehensive Car Insurance Benefits
Below are the benefits of Magma HDI comprehensive car insurance.
- Comprehensive car insurance provides total protection by covering both third parties and own damages.
- It helps save money as you get coverage for third-party and own damages under one car policy.
- With the Magma HDI comprehensive car insurance policy, the insured can drive without worries. This policy keeps you safe from all kinds of adversities, allowing policyholders to enjoy their travel.
- In the case of a Magma HDI comprehensive car insurance policy, the policyholder is entitled to a no-claim bonus (NCB) reward for every claim-free year.
Magma HDI Comprehensive Car Insurance Review
In the insurance market, Magma HDI is a well-known name. It is the most preferred and responsible insurance company in India. It is one of India's leading NBFCs that caters to the financial needs of the people in both urban as well as rural areas. Magma HDI delivers multiple insurance products serving different needs.
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Magma HDI Comprehensive Car Insurance FAQs
1. Is Magma HDI comprehensive car insurance costlier than its third-party policy?
Yes, Magma HDI comprehensive car insurance commands a greater premium than its third-party plan. This is because a comprehensive plan covers both third-party and own damage claims. Whereas a Magma HDI third-party insurance plan will cover only third-party claims.
2. What documents will I need to claim Magma HDI comprehensive car insurance?
To claim Magma HDI comprehensive car insurance, policyholders will need to submit the following documents.
- Copy of driving licence
- Insurance policy documents
- A copy of the Police FIR
- A copy of the Registration Certificate
- Repair bills and estimates
- Duly signed claim form
3. How is the coverage amount of Magma HDI comprehensive car insurance calculated?
Magma HDI determines the insured sum based on the car manufacturer's listed selling price plus the price of accessories after subtracting the age-based depreciation of the vehicle.
4. Do any exclusions apply to a Magma HDI comprehensive car insurance policy?
Magma HDI comprehensive car insurance won’t cover mechanical/electrical breakdown of the vehicle, as well as damages incurred when the driver does not have a valid licence at the time of an accident or other mishaps. Depreciation won’t be covered either unless you buy an add-on for it.
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